REDWOOD CITY, CALIF. — April 23, 2008 — BroadVision, Inc. (OTCBB: BVSN), a global provider of strategic e-business solutions, today reported financial results for its first quarter ending March 31, 2008. Revenues for the first quarter were $10.0 million, compared with revenues of $11.2 million for the fourth quarter ended December 31, 2007 and $12.7 million for the comparable quarter of 2007.
License revenue for the first quarter of 2008 was $4.0 million versus $4.6 million in the prior quarter and $5.7 million in the comparable quarter of 2007. The majority of the first quarter license revenue was generated from the Company’s core Commerce and Process solutions, from customers including SinoPac, Saipem SPA, MTC Telecom, Raiffeisen Hungary, Molex, Center for Railway Information Systems and several other brand name global customers.
In the first quarter of 2008, BroadVision posted net income on a U.S. Generally Accepted Accounting Principles (“GAAP”) basis of $5.4 million, or $0.05 per basic and diluted share, as compared with GAAP net income of $5.9 million, or $0.05 per share, for the fourth quarter of 2007 and GAAP net loss of $2.5 million, or $0.02 per share, for the first quarter of 2007.
Non-GAAP measure net income for the first quarter of 2008 was $3.1 million, or $0.03 per basic and diluted share, compared with non-GAAP measure net income of $4.4 million, or $0.04 per basic and diluted share, in the fourth quarter of 2007 and non-GAAP measure net income of $5.4 million, or $0.05 per basic and diluted share, in the first quarter of 2007. These non-GAAP measure net income figures exclude restructuring charges, stock compensation expense under SFAS 123(R), and revaluation of warrant liabilities. A reconciliation of these non-GAAP measure figures to GAAP net income figures is included in a table on the attached financial statements. The Company believes these non-GAAP measure net income figures provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative of its ongoing operations.
As of March 31, 2008, the Company had a cash balance of $57.7 million, representing a $3.7 million, or 7%, increase over the December 31, 2007 balance of $54.0 million, due primarily to positive cash flow generated from operations.
The Company will be participating at a number of key industry events around the world in the current quarter, including SAP SAPPHIRE '08, May 4-7, Orlando, FL, and NETCOMM Forum 2008, May 14-15, Milan, Italy, to showcase BroadVision® B2B2C Business Agility Suite (BAS) and Commerce Agility Suite (CAS); Internet Retailer Conference & Exhibition, June 9-11, Chicago, IL, highlighting Personalization Accelerator Kit (PAK) and e-Merchandising specifically; and official North America launch of its CHRM™ products at the Society for Human Resources Management annual conference, June 22-24, Chicago, IL.
Conference Call Information
BroadVision management will host a conference call today, Wednesday April 23, 2008, at 2:00 p.m. PDT. The conference call may be accessed by dialing: 1-866-463-5401 PIN code 457280#. Callers outside the North America should call 1-212-457-9857 to be connected. A web replay will also be available following the call on the Company’s website until it releases its second quarter 2008 financial results.
About BroadVision
Driving innovation since 1993, BroadVision is a global provider of e-business solutions. Our modular applications and agile toolsets, built on a robust framework for personalization and self-service, power mission-critical web initiatives that deliver unparalleled value to diverse customers worldwide. More than 1,800 organizations, serving over 50 million registered users — including Audible.com, Baker Hughes, BioRad Laboratories, Canon, Cardinal Health, Citibank, Circuit City, DPD Geopost, EFG Bank, Epson America, Finnair, Hilti, Indian Railway, ING Bank, Internet Security Systems, Mettler Toledo, Prime Polymer, Standard Bank of Argentina, Unicredito, Vodafone, W.W. Grainger and Xerox, — rely on BroadVision as their platform of choice for e-business.
For more information about BroadVision, Inc., call 650.331-1000, email ir1@broadvision.com or visit www.broadvision.com.
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BroadVision and CHRM are trademarks or registered trademarks of BroadVision, Inc. in the United States and other countries. All other company names, product names, and marks are the property of their respective owners.
Information Concerning Forward-Looking Statements
Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which forward-looking statements involve risk and uncertainties. All forward-looking statements included in this release, including, but not limited to, BroadVision's continued execution in accordance with its strategic roadmap and the timing and success of product launches, are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from BroadVision's current expectations. Various factors and risks associated with BroadVision's business are discussed in its most recent annual report on Form 10-K and in BroadVision's quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission.
